The initial public offering (IPO) will end on January 15. The company priced the IPO at Rs. 515 per share, Narmadesh Brass Industries said in a statement.
Public issue Fresh issue of equity shares up to 7 lakhs and Rs. 44.87 crore is a mix of offers for sale of 1.7 lakh shares in total.
The net proceeds from the IPO will be used to repay debt, purchase machinery and equipment, fund working capital requirements and for general corporate purposes.
“The net proceeds from the IPO will be used to purchase advanced machinery and fund working capital requirements. These investments will enhance our manufacturing efficiency, expand our production capacity and enable us to introduce new product lines to meet growing market demand,” said Hitesh Dudhagara, MD, Narmadesh Brass Ind.
“The IPO will also strengthen our foundation for sustainable growth, helping us create more value for our customers,” he added.
On the financial front, Narmada Brass Industries posted Rs. 87.72 crore revenue and Rs. 5.66 crore in profit after tax was reported.
The company’s shares are proposed to be listed on the BSE SME platform, with a tentative listing date set for January 20.
Aryaman Financial Services Limited is the sole book-running lead manager for the IPO.
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